NEFT services will be available 24×7 from 16th December 2019 onward

RBI circular says that NEFT services will be available 24×7

RBI has issued a circular to make NEFT services 24×7.

The text of notification is following.

Please refer to our circular DPSS (CO) RPPD No.510/04.03.01/2019-20 dated August 30, 2019, regarding the availability of NEFT on a 24×7 basis.

2. It has been decided that the above facility shall be made available from December 16, 2019 with the first settlement taking place after 00:30 hours on December 16, 2019 (i.e. night of December 15, 2019).

3. Member banks are advised to note the following:

a. There will be 48 half-hourly batches every day. The settlement of first batch will commence after 00:30 hours and the last batch will end at 00:00 hours.

b. The system will be available on all days of the year, including holidays.

c. NEFT transactions after usual banking hours of banks are expected to be automated transactions initiated using ‘Straight Through Processing (STP)’ modes by the banks.

d. The existing discipline for crediting beneficiary’s account or returning the transaction (within 2 hours of settlement of the respective batch) to originating bank will continue.

e. Member banks will ensure sending of positive confirmation message (N10) for all NEFT credits.

f. All provisions of NEFT procedural guidelines will be applicable for NEFT 24×7 transactions as well.

4. Member banks are expected to keep adequate liquidity in their current account with Reserve Bank of India at all times to facilitate successful posting of NEFT batch settlements.

You can download the circular from this link.

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